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Accurately force the central bank to create two new monetary policy tools
June 03, 2020 04:41
Original title: Precise efforts, the central bank created two new monetary policy tools to allow funds to reach small and medium-sized enterprises directly
Our reporter Wu Qiuyu
Core reading
During the two sessions of this year, General Secretary Xi Jinping emphasized that it is essential to do a good job of the "six stability" and implement the "six guarantees" when visiting economic committee members attending the CPPCC. It is necessary to "help small and medium-sized enterprises to overcome difficulties". This year's "Government Work Report" also proposes to strengthen financial support for stabilizing enterprises.
Innovating monetary policy tools, ensuring precise control, and improving service capabilities. Under the impetus of a series of policy measures, financial water is being poured into the real economy continuously to ensure the healthy development of market players.
Since the beginning of this year, in the face of the impact of the epidemic on the economy and society, while maintaining reasonable and sufficient liquidity in the financial market, the financial and related departments have focused on mitigating the impact of the epidemic on the operation of small and medium-sized enterprises, and have issued a series of measures to prevent and control the epidemic. , Resume work and resume production, and provide accurate financial services for the development of the real economy.
The effect of hedging epidemic, the transmission efficiency of monetary policy is remarkable
On May 7, the first batch of 61 tons of export litchi from Maoming, Guangdong was shipped to Canada and Australia. At the moment of sailing, Lin Bo, chairman of Maoming Zefengyuan Company, could not hide his smile.
Litchi is not that simple to go to sea. Lin Bo told reporters that a litchi was cut from the branches and had to go through many steps including selection, weighing, boxing, inspection, and cold storage before it could go to sea smoothly.
"Affected by the epidemic, the company's capital chain is tight this year, and it coincides with the litchi'new year'. It is urgent to increase the freshness preservation workshop, which can worry us all." Lin Bo said, just when the enterprise was in a rush, the construction bank Maoming Hedong Branch The staff took the "Yunyi Loan" information and went to the door to find out the emergency financing needs of the enterprises affected by the epidemic. Within two days, the company issued a 1.5 million yuan loan to the company, and Zefengyuan was able to add a cold chain production line.
The experience of Zefengyuan is not alone. In order to hedge the impact of the epidemic, on February 1 this year, the People’s Bank of China, together with the Ministry of Finance, the China Banking and Insurance Regulatory Commission, issued 30 financial support policy measures to increase the counter-cyclical adjustment of the total amount and innovatively use structural monetary policy tools to prevent and control the epidemic. And provided strong support for economic and social development.
The data shows that these comprehensive measures have achieved significant results. From January to April this year, China's RMB loans increased by 8.8 trillion yuan, an increase of nearly 2 trillion yuan year-on-year. The growth rate of the broad currency M2 and social financing scale stocks were 11.1% and 12% respectively, which was significantly higher than last year. , Embodies a powerful counter-cyclical adjustment.
"In the first quarter of this year, the central bank's 1 yuan of liquidity support can support a loan growth of 3.5 yuan, which shows that our monetary policy transmission efficiency is still significant." Wen Bin, chief researcher of Minsheng Bank said.
"Since this year, the effect of monetary policy implementation has been more significant, and it has played a good role in stabilizing expectations and protecting market players." Pan Helin, executive dean of the Digital Economic Research Institute of Zhongnan University of Economics and Law, said that the impact of future hedging epidemics will be adjusted in a reverse cycle. The intensity should be further increased to make corporate financing more convenient.
The governor of the People’s Bank of China Yi Gang said recently that in the next stage, a stable monetary policy will be more flexible and appropriate. The central bank will comprehensively use and innovate multiple monetary policy tools in accordance with the requirements set forth in the “Government Work Report” to ensure reasonable and sufficient liquidity. The growth rate of the broad money M2 and social financing scale was significantly higher than last year.
With precise policies, 7 trillion yuan of inclusive small and micro enterprise loans "should be extended"
At present, affected by the epidemic, enterprises, especially small, medium and micro enterprises, are under pressure to survive. The "Government Work Report" proposes that innovating monetary policy tools that directly reach the real economy, it is necessary to promote enterprises to facilitate access to loans.
"In response to special difficulties, it is necessary to pay more attention to accuracy and directness in monetary and credit policies," said Pan Gongsheng, deputy governor of the People's Bank of China.
According to the deployment of the "Government Work Report", on June 1, the People's Bank of China created two additional monetary policy tools that directly connect to the real economy, namely the Pratt & Whitney Small and Medium Business Loan Deferral Support Tool and the Pratt and Whitney Small and Micro Business Credit Loan Support Program. Improve the structure of the monetary policy tool system and continue to enhance the relevance and gold content of the policies for serving small, medium and micro enterprises.
According to the notice issued by the People's Bank of China and other departments, as long as Pratt & Whitney small and micro enterprises apply for extension while promising to keep their jobs basically stable, the bank will extend the principal and interest of the Pratt & Whitney small and micro enterprise loans, so as to "extend as long as possible." Loans that have already enjoyed the extension policy can also enjoy this policy. It is expected that the deferred policy can cover about 7 trillion yuan of the principal of inclusive small and micro enterprises.
The credit loan support plan is mainly for local banks with good operating conditions. For the qualified local private bank from March 1 to December 31, 2020, the newly issued inclusive small and micro enterprise credit loan with a period of not less than 6 months, the People’s Bank of China through the credit loan support plan, the local local bank 40% of the actual credit loan principal is provided with preferential funds for a period of 1 year. Credit loan support is expected to spur approximately 1 trillion yuan of new inclusive small and micro enterprise credit loans from local banks, which will effectively ease the financing difficulties of small and micro enterprises.
The central bank said that the newly created inclusive small and micro enterprise extension support tools and credit loan support programs have more significant marketization, inclusiveness and directness. These two structural monetary policy tools will operate monetary policy Direct contact with financial support provided by financial institutions to inclusive small and micro enterprises ensures precise regulation.
"These measures will greatly alleviate the short-term funding pressure of small and micro enterprises, effectively protect market players from capital chain breaks and prevent large-scale credit contraction risks." Li Chao, chief economist of Zheshang Securities.
A number of measures have been launched to provide accurate financial services to market players
Not only will small and medium-sized enterprises be able to obtain loans, but also fast and convenient access. While increasing policy support, the financial sector is also constantly improving the financial service capabilities of small and medium-sized enterprises.
Zhejiang Hangzhou Adi Food Co., Ltd. is a small and micro enterprise specializing in noodles, rice cakes, rice dumplings and other products, and supplies some large supermarkets. Due to the recent increase in demand for food, companies are in urgent need of funds to expand production, but there is no suitable collateral on hand, and the expansion of production funds is not available. In early May, when he learned that he could apply for an online loan through the Zhejiang Financial Comprehensive Service Platform, Sun Xinzhi, the company's general manager, immediately applied to the Agricultural Bank of China for "small and micro-network loans." "I didn't expect to contact me on the day of the application. The Hangzhou branch of the Agricultural Bank quickly issued a pure credit loan of 1 million yuan." Sun Xinzhi said.
5 large state-owned commercial banks inclusive small and micro enterprises have a loan growth rate of more than 40%. In 2020, the national financing guarantee fund strives to add a new re-guarantee business of 400 billion yuan, and guides the net financing of corporate credit bonds to increase by 1 over the previous year. Trillion yuan... In order to further promote the financial support policy to better meet the needs of market players, the People’s Bank of China and other eight departments recently issued the "Guiding Opinions on Further Strengthening the Financial Services of Small, Medium and Micro Enterprises" to implement credit support for the resumption of production of small and medium enterprises 30 policies and measures were put forward in 7 areas, including policies, and the development of financial service capacity enhancement projects for small, medium, and micro enterprises in commercial banks.
"The "Opinion" builds on existing policies and further intensifies it." Tang Jianwei, chief researcher of the Bank of Communications Finance Research Center, said that to alleviate the problem of financing difficulties for small and micro enterprises, the establishment of a banking financial institution "Dare to lend, willing to lend The long-term mechanism of "energy loan" requires commercial banks, financing guarantee institutions, financing guarantee funds, credit reporting platforms and other multi-market entities to participate together. The "Opinions" enable a number of supporting policies to work together to alleviate the systemic problems of inclusive financial systems. Take multiple measures and work hard to improve the effectiveness of inclusive finance.
https://news.sina.com.cn/gov/2020-06...k4937163.shtml